Bloomberg — 2026-06-24#

Lead Story#

Micron Technology Inc.’s blowout earnings report has reignited the artificial intelligence trade, sparking a rally across US equity futures and semiconductor stocks following a brutal $1.3 trillion two-day tech rout. The insatiable demand for AI infrastructure is driving unprecedented capital market activity, highlighted by SK Hynix Inc.’s pursuit of a landmark $29.4 billion US listing to fund its memory chip expansion.

Markets & Economics#

• Key Oil Spread Flips to Contango as Supply From Hormuz Climbs: Global oil markets are quickly flooding with supply as the Strait of Hormuz reopens following the US-Iran interim peace agreement, flipping a closely watched market indicator into a bearish contango structure for the first time since February.
• Bitcoin’s Retreating Retail Army Exposes Fresh Market Fragility: Bitcoin’s slide back below the $60,000 threshold is exposing new structural weaknesses in the cryptocurrency market, as the departure of retail traders leaves the asset class highly vulnerable when institutional buyers pull back.
• BOJ Summary Affirms Rate Hike Stance as Inflation Risks Mount: Global central banks remain on high alert regarding inflation, with the Bank of Japan signaling the need for further interest rate increases and Australia’s core inflation accelerating past the Reserve Bank’s target.
• Milei Shuns Wall Street to Raise Dollars at Rate Lower Than 7%: Argentine Economy Minister Luis Caputo successfully avoided international markets to secure $4.2 billion in funding at a rate under 7%, validating President Javier Milei’s unorthodox debt strategy.

Business & Industries#

• Musk’s SpaceX Adds Billions in Debt While Cutting Interest Costs: Elon Musk’s SpaceX successfully raised $25 billion in its debut investment-grade bond offering, injecting massive capital to replace costly debt and finance its orbital data center ambitions.
• Lockheed Wins $35 Billion US Deal to Boost Interceptor Output: The US Defense Department awarded Lockheed Martin Corp. a landmark contract worth up to $35 billion to quadruple the production of missile-defense interceptors.
• Hertz Slides After Warning Used Car ‘Softness’ Is Hurting Profit: Shares of Hertz Global Holdings Inc. plummeted after the rental car giant warned that soft used-car prices are severely pressuring second-quarter profits, forcing the company to issue new shares and notes.
• Sunrun Surges Over 30% on Tesla Deal to Supply Power for AI: Home solar provider Sunrun Inc. saw its shares jump 31% following a newly announced partnership with Tesla Inc. and Renew Home to provide electricity for power-hungry data centers and utilities.

Policy & World#

• Trump Scraps Housing Bill Signing, Demands Voter ID Measure: President Donald Trump abruptly canceled the signing of a bipartisan housing supply bill, demanding that Congress first pass the SAVE Act voting restrictions, which severely escalated his feud with Senate Republicans.
• Trump Says Justice Department Looking Into Gasoline Prices: Expressing frustration that pump prices aren’t falling fast enough amid the Hormuz reopening, President Trump ordered the Department of Justice to investigate potential price gouging by oil companies.
• Mamdani-Backed Candidates Flex Muscles, Winning Two NYC Primaries: In a significant shift for New York’s Democratic delegation, three progressive congressional candidates endorsed by NYC Mayor Zohran Mamdani swept their primary races, unseating established House Democrats.
• France Records Hottest Day Ever as European Heat Wave Deepens: An intense heat dome continues to blanket Western Europe, straining the region’s electricity systems and sending power prices soaring as temperatures reach record highs across the continent.

Opinion & Analysis#

• The Debasement Trade Is Unraveling and Kevin Warsh Is One Big Reason: Bloomberg highlights how newly installed Federal Reserve Chairman Kevin Warsh’s surprisingly hawkish pivot is fundamentally unwinding the “debasement trade,” driving up long-end bond yields and the US dollar.
• Anthropic and OpenAI’s Killer App Might Not Be Enough: As OpenAI and Anthropic eye public markets, Bloomberg Opinion questions whether the business of selling AI tools specifically for coding can ultimately sustain the massive valuations and capital requirements the industry demands.
• A Rare British Property Jewel Deserves More From Its US Suitor: Bloomberg Opinion argues that Prologis Inc.’s £12.6 billion takeover approach for UK logistics landlord Segro Plc fails to adequately price in the scarcity value of the British firm’s unique real estate portfolio.